Britain puts major bitcoin brokers on warning list

Kucoin printed on cap, bitcoin broker
Kucoin printed on cap/Photo: X/Kucoincom.

The Financial Conduct Authority (FCA), a British body, has placed several bitcoin and cryptocurrency brokers on its scam warning list.

Among the new developments are large and well-known cryptocurrency brokers, such as Kucoin and Houbi (HTX).

The authority’s new releases took place last Sunday (8), when brokers joined the list. The FCA works in the same way as the SEC in the US and the CVM in Brazil.

UK FCA warns of major bitcoin brokers on new list, see which ones

In its traditional investor warning list for unauthorized companies in the UK, the FCA has made new updates aimed at the cryptocurrency market.

This is because Kucoin and Huobi started appearing in the material last Sunday. The FCA itself makes a statement on the page about the need for registrations.

“Almost all financial companies in Britain must be authorized or registered by us. Unfortunately, there are still companies that operate without our permission.”

In the case of Kucoin, the warning indicates that it promotes products without permission. “This company may advertise financial services or products without our permission. You should avoid dealing with this company“, the note reads.

As for Huobi, the FCA has published the same note, indicating that the warning is against HTX (and/or Huobi Global and/or Huobi). The stock exchange managed to recover after a recent hacker attack on its platform, in which it lost $8 million.

But with the FCA targeting companies, all indications are that British regulators do not want the platforms to have a presence in the country. For example, other platforms such as Binance and Coinbase are not on the FCA’s unauthorized list in Britain.

“British CVM”

The FCA is responsible for the supervision and regulation of the financial sector in Great Britain. Its main mission is to guarantee the integrity, transparency and stability of the financial markets, and to protect the interests of consumers.

Both the FCA in the UK and the CVM in Brazil play a crucial role in promoting stability and confidence in their respective countries’ financial markets, as does the SEC in the US.

In any case, the update of the alert list on the Old Continent shows that regulators are aware of the presence of bitcoin brokers, especially of the products and services they offer to investors.

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Source: Live Coins

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